Crude oil supplies from the Nigerian National Petroleum Company Limited (NNPC Ltd) to the Dangote Refinery have reportedly crossed the 1 billion barrel mark for the month of April, marking a significant milestone in Nigeria’s downstream petroleum sector. The development highlights the scale of operations between the national oil company and the privately owned refinery, which is expected to play a transformative role in reducing Nigeria’s dependence on imported refined products. The reported supply volume underscores the growing operational relationship between NNPC Ltd and the Dangote Refinery, Africa’s largest oil refining facility. Located in Lagos, the refinery has been positioned…
Author: Temitope Nlewemchi
The Federal Government has reiterated its position that Nigeria’s economy remains stable despite mounting global economic challenges, insisting that ongoing reforms and strategic policy interventions are helping to shield the country from severe external shocks. Officials under President Bola Ahmed Tinubu maintain that while global conditions remain volatile, Nigeria is gradually strengthening its economic foundation. Across the world, economies are grappling with rising inflation, tightening monetary policies, and disruptions in global supply chains. The lingering effects of the Russia-Ukraine war, combined with energy market volatility and geopolitical tensions, have placed pressure on both developed and emerging markets. Nigeria, as part…
Nigeria’s petrol consumption reached an estimated 4.93 billion litres in the first quarter of the year, highlighting the country’s continued reliance on Premium Motor Spirit (PMS) as a primary energy source for transportation and power generation. The figure, which reflects nationwide demand over a three-month period, underscores both the scale of domestic fuel usage and the structural challenges within Nigeria’s energy sector. Data associated with the report aligns with supply and distribution patterns overseen by the Nigerian National Petroleum Company Limited (NNPCL), the entity responsible for managing fuel imports and distribution following the deregulation of the downstream sector. While the…
The Federal Government has intensified efforts to strengthen business infrastructure across Nigeria as part of its broader economic reform agenda under President Bola Ahmed Tinubu, according to the Director-General of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN). The agency says ongoing initiatives are aimed at improving the operating environment for small and medium enterprises (SMEs), which remain a critical driver of economic growth and employment in the country. Speaking during a recent engagement with stakeholders, the SMEDAN DG highlighted that the administration is prioritising infrastructure development as a foundation for sustainable business expansion. This includes investments in…
Shares of Industrial and General Insurance Plc (IEI) have surged dramatically on the Nigerian Exchange, recording a staggering gain of over 700% within a relatively short period. The sharp rally has drawn significant attention from investors and market analysts, many of whom attribute the surge to growing optimism around the company’s potential recapitalisation and restructuring efforts. Market data indicates that IEI, which had long traded as a low-priced stock, experienced a sudden spike in demand, pushing its share price to levels not seen in years. The rally has been fueled largely by speculative buying, as investors position themselves ahead of…
Rice farmers across Nigeria have raised alarm over the growing influx of imported rice, warning that the trend is crippling local production, discouraging investment, and threatening livelihoods in rural communities. The concerns come amid reports that foreign rice—both legally imported and smuggled through porous borders—is flooding local markets, often at prices that undercut domestically produced alternatives. Stakeholders in the sector say the situation has worsened in recent months, with farmers struggling to sell their harvests due to reduced demand. Many attribute this development to the availability of cheaper imported rice, which consumers often prefer because of its polished appearance and,…
The Comptroller-General of the Nigeria Customs Service (NCS) has intensified the agency’s crackdown on smuggling activities across the country, declaring an all-out war on economic saboteurs as operatives intercepted Premium Motor Spirit (PMS) valued at over ₦93 million in Adamawa State. The latest seizure underscores the agency’s renewed commitment to curbing the illegal movement of petroleum products across Nigeria’s borders, particularly in regions prone to cross-border smuggling. According to officials, the interception was carried out by vigilant customs operatives acting on credible intelligence. The seized petroleum products, commonly referred to as petrol, were reportedly being transported through unauthorized routes with…
In a country grappling with evolving drug-related challenges, a major milestone has emerged in the fight against narcotics and substance abuse. The National Drug Law Enforcement Agency (NDLEA) has announced that it secured an impressive 974 convictions in the first quarter (Q1) of 2026 alone. This figure not only underscores the agency’s renewed intensity but also reflects a broader shift in Nigeria’s enforcement and judicial approach to drug crimes. A Strong Start to 2026 The first three months of 2026 have set a decisive tone for NDLEA’s operations. With nearly a thousand convictions recorded between January and March, the agency…
The United Kingdom government is ramping up efforts to tackle illegal working, unveiling stricter enforcement measures and warning businesses that they could face unlimited fines if found employing undocumented workers. The renewed crackdown forms part of a broader push to strengthen immigration control and reduce unlawful employment across key sectors of the economy. Authorities say the move is designed not only to curb illegal migration but also to protect legitimate businesses and workers from unfair competition. Under the updated enforcement approach, companies found guilty of hiring individuals without the legal right to work in the UK could face significantly harsher…
The National Agency for Food and Drug Administration and Control has destroyed fake, expired, and substandard drugs valued at over N939 million in Anambra State, in a major crackdown aimed at safeguarding public health and eliminating harmful products from circulation. The destruction exercise was carried out in Awka at a designated dumpsite, where officials disposed of seized pharmaceutical and related products recovered from across the South-East region. The operation formed part of the agency’s ongoing enforcement efforts to rid the market of unsafe and falsified goods. According to the agency, the destroyed items included a wide range of products such…
Lagos State has been ranked the best state for doing business in Nigeria, according to a recent subnational assessment of business environments across the country. The ranking further reinforces the state’s long-standing reputation as the nation’s commercial nerve centre and a preferred destination for investors. The report, unveiled at a high-level policy and diplomatic gathering in Abuja, evaluated all 36 states and the Federal Capital Territory using a wide range of economic and regulatory indicators. Lagos emerged at the top due to its strong performance across critical areas such as infrastructure, regulatory efficiency, access to electricity, and institutional transparency. Analysts…
Abia State Governor Alex Otti has commissioned an upgraded 5MVA power plant at Abia State University, alongside several infrastructure projects aimed at improving electricity supply, student welfare, and overall learning conditions within the institution. The commissioning ceremony took place at the university’s main campus in Uturu as part of activities marking its combined convocation ceremony. The newly upgraded power facility, which was increased from an initial capacity of 2.5MVA to 5MVA, is expected to significantly enhance electricity supply across the campus. Speaking at the event, Otti described the project as a fulfilment of his administration’s commitment to addressing longstanding infrastructure…
The Economic and Financial Crimes Commission has raised concerns over the rapid rise in cryptocurrency-related crimes, revealing that illicit transactions involving digital currencies surged to more than $160 billion globally in 2025. The disclosure was made by EFCC Chairman Ola Olukoyede during the inauguration of the United Nations Office on Drugs and Crime country programme for Nigeria (2026–2030) in Abuja. According to him, the scale of financial crimes linked to cryptocurrencies has grown significantly, posing new challenges for law enforcement agencies worldwide. Olukoyede noted that the increasing adoption of digital currencies has created new opportunities for criminal networks to move…
A fire outbreak has ravaged facilities at the Ebonyi State Ministry of Health, destroying vaccines and property estimated to be worth millions of naira, in a development that has raised concerns about public health and emergency preparedness in the state. The incident, which occurred at the headquarters of the Ebonyi State Ministry of Health in Abakaliki, reportedly broke out in the early hours of the day, catching staff and security personnel off guard. Although no casualties were recorded, the extent of damage to critical medical supplies has sparked fears about potential disruptions to healthcare services. Eyewitness accounts indicate that the…
The National Drug Law Enforcement Agency has arrested a Lagos-based fabrics merchant accused of orchestrating a cross-border drug trafficking network linking Nigeria and Ghana, in what authorities describe as a major breakthrough in the fight against illicit narcotics distribution in West Africa. According to officials, the suspect—whose identity has not yet been publicly disclosed—was apprehended during a coordinated operation carried out by NDLEA operatives in Lagos. Investigations revealed that the merchant, who operated a legitimate textiles business as a cover, allegedly played a central role in the movement of illegal drugs between Nigeria and neighbouring Ghana. The agency said the…
Funke Akindele’s latest film Behind the Scenes has taken the Nigerian box office by storm, grossing an impressive N1.1 billion in just 17 days since its release. The milestone marks another major success for Akindele, one of Nollywood’s most influential filmmakers and actors. Released nationwide earlier this month, Behind the Scenes has drawn large audiences across cinemas, driven by strong word of mouth and social media buzz. The film’s compelling storyline, high production values, and a star-studded cast have been widely credited for its commercial performance, helping it join the ranks of Nigeria’s highest-grossing films. Industry analysts say the movie’s…
The Nigerian Army has announced that its troops have neutralised more than 80 terrorists and rescued 34 kidnap victims in coordinated military operations carried out across several parts of the country. The operations, conducted over recent days, were aimed at dismantling terrorist cells, bandit groups, and other criminal networks responsible for violence, kidnappings, and attacks on communities. According to military authorities, the successes were recorded through a combination of ground offensives, intelligence-led raids, and aerial support. Troops engaged terrorists in multiple theatres, particularly in areas affected by insurgency and banditry. During these encounters, several terrorists were neutralised following intense firefights,…
The Federal Government of Nigeria has launched a new intra-African air cargo corridor aimed at boosting trade and export opportunities across the continent. The initiative, unveiled in partnership with the United Nations Development Programme (UNDP) and Uganda Airlines, offers Nigerian exporters a significant 50% discount on air freight charges to key East and Southern African markets. This move is expected to lower logistics costs substantially, making Nigerian goods more competitive in regional markets while advancing Nigeria’s commitment to the African Continental Free Trade Area (AfCFTA). The air cargo corridor facilitates easier and more affordable transportation of goods from Nigeria to…
An industrialist has lauded the Dangote Refinery for its recent impact on petrol availability in Nigeria, noting that the facility has significantly eased the chronic fuel shortages that have plagued the country for years. While praising the refinery’s contribution to stabilising petrol supply, the industrialist also urged authorities and marketers to consider reducing diesel prices, highlighting the economic importance of affordable fuel for manufacturing and logistics. According to the industrialist, the Dangote Refinery, which began operations recently, has enabled over 1,000 trucks to load petrol daily, dramatically improving access and distribution across the nation. This has reportedly led to a…
The Nigeria Deposit Insurance Corporation has reaffirmed its full compliance with the Fiscal Responsibility Act and other statutory remittance requirements, dismissing concerns over alleged non-remittance of funds to the appropriate government accounts. The corporation said it operates strictly within the framework of existing financial regulations and remains committed to transparency and accountability in the management of public funds. NDIC explained that its financial operations are guided by its enabling Act as well as relevant federal fiscal laws, including the Fiscal Responsibility Act. According to the corporation, its remittance obligations differ in structure from those of conventional revenue-generating agencies due to…